Which Category do I use when I closed one IRA account and moved to Another

jjrichards

I am running Quicken 2020 and Win 10. I closed out my IRA account all mutual fund shares sold and I opened another IRA . I created a new account in Quicken . The download showing the cash deposited worked fine . Which " Category " do I use to record the transaction ?

Tom Young

There's no "Category" in play here. 

The word Category has a specific meaning in Quicken and that meaning is "an account, (as that word is used by accountants), whose activity shows up on an Income and Expense statement."  Transferring cash from one Quicken Account to another Quicken Account is not an "income" or "expense" activity, just like moving money from your right front pocket to the wallet on your income has no "income" or "expense" connotation.

You simply transfer the cash from the old IRA to the new IRA.  You can delete that "cash deposited" download in the new IRA so you're not double counting the transfer. 

jjrichards

Tom
Thank you . Sorry for the late response . When I was referring to the category I noted this was only applicable for income I receive and the "categories" that are set up for expenses , ie groceries , gas, household etc. On the investment side the drop down is "action" I keep thinking there was a category .

Chris_QPW

Personally I would have just changed the deposit transaction to a transfer from the other IRA account.